Cowen Begins Coverage on Reliance Steel & Aluminum (RS)

Cowen started coverage on shares of Reliance Steel & Aluminum (NYSE:RS) in a report published on Tuesday, MarketBeat.com reports. The brokerage issued an outperform rating and a $80.00 target price on the industrial products company’s stock.

A number of other brokerages have also commented on RS. KeyCorp reaffirmed a buy rating and set a $90.00 target price on shares of Reliance Steel & Aluminum in a research report on Friday, November 30th. Zacks Investment Research lowered shares of Reliance Steel & Aluminum from a buy rating to a hold rating in a research report on Tuesday, September 25th. Longbow Research lowered shares of Reliance Steel & Aluminum from a buy rating to a neutral rating in a research report on Monday, October 22nd. ValuEngine lowered shares of Reliance Steel & Aluminum from a hold rating to a sell rating in a research report on Tuesday, November 27th. Finally, Citigroup began coverage on shares of Reliance Steel & Aluminum in a research report on Monday, September 17th. They set a neutral rating and a $90.00 target price on the stock. Two analysts have rated the stock with a sell rating, six have issued a hold rating and four have given a buy rating to the company’s stock. The company currently has a consensus rating of Hold and an average target price of $90.80.

Shares of NYSE:RS traded up $0.41 during trading on Tuesday, reaching $76.56. The company’s stock had a trading volume of 12,844 shares, compared to its average volume of 599,914. The company has a current ratio of 4.40, a quick ratio of 1.92 and a debt-to-equity ratio of 0.39. The company has a market cap of $5.32 billion, a price-to-earnings ratio of 14.08, a PEG ratio of 1.03 and a beta of 1.17. Reliance Steel & Aluminum has a 12 month low of $68.62 and a 12 month high of $97.41.

Reliance Steel & Aluminum (NYSE:RS) last announced its quarterly earnings data on Thursday, October 25th. The industrial products company reported $2.42 earnings per share (EPS) for the quarter, missing the Thomson Reuters’ consensus estimate of $2.69 by ($0.27). The firm had revenue of $2.97 billion during the quarter. Reliance Steel & Aluminum had a return on equity of 13.58% and a net margin of 7.66%. As a group, equities analysts forecast that Reliance Steel & Aluminum will post 9.6 EPS for the current year.

In related news, Director David H. Hannah sold 28,080 shares of the business’s stock in a transaction on Wednesday, November 21st. The shares were sold at an average price of $80.00, for a total transaction of $2,246,400.00. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, SVP William A. Smith II sold 5,582 shares of the business’s stock in a transaction on Tuesday, November 20th. The shares were sold at an average price of $78.98, for a total transaction of $440,866.36. The disclosure for this sale can be found here. Insiders own 3.24% of the company’s stock.

A number of hedge funds and other institutional investors have recently bought and sold shares of the stock. Vanguard Group Inc. raised its position in shares of Reliance Steel & Aluminum by 0.6% in the third quarter. Vanguard Group Inc. now owns 6,340,594 shares of the industrial products company’s stock worth $540,790,000 after acquiring an additional 39,418 shares during the period. Vanguard Group Inc raised its position in shares of Reliance Steel & Aluminum by 0.6% in the third quarter. Vanguard Group Inc now owns 6,340,594 shares of the industrial products company’s stock worth $540,790,000 after acquiring an additional 39,418 shares during the period. Victory Capital Management Inc. raised its position in shares of Reliance Steel & Aluminum by 4.8% in the third quarter. Victory Capital Management Inc. now owns 3,233,106 shares of the industrial products company’s stock worth $275,752,000 after acquiring an additional 148,565 shares during the period. Acadian Asset Management LLC raised its position in shares of Reliance Steel & Aluminum by 8.3% in the third quarter. Acadian Asset Management LLC now owns 1,773,933 shares of the industrial products company’s stock worth $151,297,000 after acquiring an additional 136,651 shares during the period. Finally, Luminus Management LLC raised its position in shares of Reliance Steel & Aluminum by 22.7% in the third quarter. Luminus Management LLC now owns 1,146,763 shares of the industrial products company’s stock worth $97,807,000 after acquiring an additional 211,858 shares during the period. Institutional investors own 83.03% of the company’s stock.

About Reliance Steel & Aluminum

Reliance Steel & Aluminum Co operates as a metals service center company in the United States and internationally. The company provides steel, aluminum, stainless, and specialty metals and related processing services to customers in various industries, such as infrastructure and energy; fabricates steel and aluminum products; and provides various precision fabrication services, including laser cutting, shearing, computer numerated control (CNC) punching, and CNC forming and rolling, as well as welding, assembly, painting, inventory management, and engineering expertise.

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Analyst Recommendations for Reliance Steel & Aluminum (NYSE:RS)

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